Torrey Pines Group’s Net Income Rises 3.6%

Torrey Pines Group, the parent company of Torrey Pines Bank and Torrey Pines Equity Corp., reported that, despite costs generated by “our heaviest expansion program ever,” net income rose 3.6%, to $632,000, for the fiscal year ended Dec. 31. Net income rose 39.1%, to $324,000, during the fourth quarter.

Assets grew 81%, to $205 million, deposits rose 81%, to $185 million, and loans increased 60%, to $136 million.